The Bitrue exchange has integrated live ChainLink price oracles.
This move is aimed at guaranteeing fair price referencing for the various Bitrue products such as loans.
ChainLink oracles will enable Bitrue to provide superior financial products.
The crypto exchange of Bitrue has integrated ChainLink (LINK) price oracles to provide live price reference data to the platform. This move will ensure that price quotes for the various Bitrue products such as loans, will be completely fair and accurate. The team at Bitrue elaborated on why accurate price data was essential.
Accurate data is critical to providing a safe and fair service with Bitrue Loans, as slight inaccuracies or manipulations can mean the difference between a loan getting liquidated or continuing as normal.
Chainlink’s oracles source data from premium data aggregator APIs, which aggregate prices from all centralized and decentralized exchanges with liquidity.
This provides strong market coverage that adjusts for volume shifts and outliers, supplying us with a highly accurate and reliable global market price.
Furthermore, they explained that their choice of ChainLink (LINK) was based on the platform’s record of providing accurate cryptocurrency price data.
We conducted a deep investigation into numerous third parties who could potentially help us fulfill this requirement, and ultimately decided on Chainlink as they have proven themselves to be the most manipulation-resistant source of accurate cryptocurrency price data, thanks to their decentralized architecture, public auditability, and use of premium data sources.
ChainLink’s Role in DeFi
Also to note is that ChainLink’s price oracles are the backbone of several DeFi platforms as they provide accurate data as mentioned by the team at Bitrue.
At the time of writing, ChainLink’s oracles are used by DeFi projects such as Aave (LEND), Synthetix Network (SNX), Kyber Network (KNC), Loopring (LRC), Ampleforth (AMPL) and Bancor (BNT).
Furthermore, the ever-expanding use of ChainLink’s technology is one factor that has caused the value of LINK to skyrocket in the crypto markets.